All Posts

The basis of property inherited from a decedent is generally one of the following. The FMV of the property at the date of the individual's death. The FMV on the alternate valuation date if the personal representative for the estate chooses to use alternate valuation. For information on the alternate valuation date, see the Instructions for Form 706. The value under the special-use valuation method for real property used in farming or a closely held business if chosen for estate tax purposes. This method is discussed later. The decedent's adjusted basis in land to the extent of the value excluded from the decedent's taxable estate as a qualified conservation easement. For information on a qualified conservation easement, see the Instructions for Form 706.   The valuation on the 706 is your basis because that is the real FMV since the valuation discount takes the Lack of Control and the Lack of Marketability into consideration.....and those are both factors in the FMV calc anyway. Also you could run into problems if you don't use the figure from the 706 - the IRS checks closely.

@VolvoGirl    I think what @leafnose wanted to know was whether the business program's UI and "guts" were similar to the desktop personal editions. In other words, if the business edition will run on Windows 10, why can't Intuit simply "allow" (or alter) the desktop personal editions to run on Window10?   Personally, I don't have to answer but I do know that the programs are distinct and separate (i.e., you can install the business edition and a desktop personal edition on the same computer). Further, the virtually infinite number of changes that will be involved in the personal editions, as a result of the recent legislation enacted, is not going greatly affect the business editions modules (1041, 1065, 1120/S).

Apply for a Flex Loan https://turbotax.intuit.com/personal-loan What is the Turbo Tax Flex Advance and questions? https://ttlc.intuit.com/turbotax-support/en-us/help-article/loans/whats-turbotax-flex-advance/L2Xg6In6b_US_en_US?uid=mhz8qpz8

Apply for a Flex Loan https://turbotax.intuit.com/personal-loan What is the Turbo Tax Flex Advance and questions? https://ttlc.intuit.com/turbotax-support/en-us/help-article/loans/whats-turbotax-flex-advance/L2Xg6In6b_US_en_US?uid=mhz8qpz8

If the amount is less than $433 and you would have had no other reason to file Schedule C, it might be beneficial treat it as business income and report it on Schedule C.  There would be no self-employment tax under these circumstances, but it might qualify for a Qualified Business Income Deduction and it might support a retirement contribution (if the deadline for making such a contribution has not already passed).

  You have to access your own account and/or  print it for yourself using exactly the same account and user ID that you used when you prepared the return.    https://myturbotax.intuit.com/       https://ttlc.intuit.com/community/prior-year-return/help/how-do-i-access-my-prior-year-return/01/27010     https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/save-2021-turbotax-online-return-pdf/L8dHfRkpT_US_en_US?uid=m5y4ch1y   Many people have multiple TT accounts and forget how to access them.  Log out of the account you are in now.     https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/many-intuit-accounts-turbotax/L9aVfKS1Z_US_en_US?uid=ll5g6zcx Account Recovery     Or did you use the desktop version of TurboTax?  If so, the files are on your own hard drive or any backup device you used like a flash drive.     https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/find-last-year-tax-data-file-tax-file-computer/L0XJvPaJr_US_en_US?uid=m6gufxei     https://ttlc.intuit.com/turbotax-support/en-us/help-article/data-systems/find-tax-data-file-mac/L4VNGm33S_US_en_US?uid=m6guhab0 You can get a free transcript from the IRS or for a fee of $30, an actual copy of your tax return. https://www.irs.gov/individuals/get-transcript https://www.irs.gov/pub/irs-pdf/f4506.pdf       SAVE YOUR TAX RETURNS ! EVERY year before mid-October you should save a copy of your tax return as a pdf and print a copy of it for your records.  That way you will not be searching online frantically when you need it for a lender, FAFSA forms, your next tax return, etc.    https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/save-2021-turbotax-online-return-pdf/L8dHfRkpT_US_en_US?uid=m6guj526   https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/save-2021-turbotax-online-return-pdf/L8dHfRkpT_US_en_US?uid=m78eb8pc In order to transfer a past year return to the new return you need the tax file   https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/save-turbotax-online-return-tax-data-file/L4xwOG3LF_US_en_US?uid=m6guk3xl   NOTE:  TurboTax and the IRS save returns for seven years.  Returns older than seven years are purged.  

@leafnose   Oh,  yes.  You can install the separate Turbo Tax Business program on Windows 10.  This says Business will run on Windows 10 for 1 more year. Turbo Tax Windows 10 Desktop Software End of Life. Posted Oct 20, 2025 (updated Oct 27, 2025). https://ttlc.intuit.com/community/articles/community-news-announcements/turbotax-windows-10-desktop-software-end-of-life/05/3708302 

That seems to be a common misconception. Again, the IRS views all your Roth IRA accounts as if it were one account. It doesn't care about account boundaries. Same is true for IRA accounts .. they are all one. (however, not true for 401(k) accounts).   The OTHER 5-year rule on conversions and penalty for withdrawing principal does start a new clock for each conversion. However, the 5-year-rule on conversions does not apply to those over 59 1/2.   https://www.schwab.com/learn/story/what-to-know-about-five-year-rule-roths  

@VolvoGirl    You're right  The thread is extensive   There's some sort supported platform for TT Bus DIY customers. Just wondered if this a interface you've seen or used for some reason. The poster mentioned that the DIY version will still support Win 10